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Oleg Deripaska remains on Rusal board

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Insight Weekly: US stock performance; banks' M&A risk; COVID-19 vaccine makers' earnings

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Insight Weekly: LNG exports surge; investors unfazed by inflation; neobanks drive VC funding

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Essential Metals Mining Insights November 2021

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[Infographic]: 2021 World Exploration Trends


Oleg Deripaska remains on Rusal board

TOP NEWS

Oleg Deripaska remains on Rusal board

United Co. Rusal PLC said Oleg Deripaska has not formally resigned from its board, even after he stepped down as a director at En+ Group PLC in a bid to lift U.S. sanctions imposed against the company in April.

Indonesian coal miners adapting to tighter import curbs in China

With China slashing coal imports in a bid to lower air pollution and to boost the domestic industry, miners in Indonesia are carving out different strategies to adapt to the changing dynamics of the marketplace. Chen Guangzhi, a Singapore-based investment analyst with Phillip Securities Research, said both miners and traders have to adapt to policy changes in China. "If China capped the imports [of low-grade coal] from Indonesia, trading houses would have no choice but to defer the procurement from domestic coal mines," Chen told S&P Global Market Intelligence.

World Gold Council: Pilbara could reshape global gold supply

The World Gold Council said success in Western Australia's Pilbara region could dictate the course of production over the next three decades at least, amid warnings that global mine supply looks set to enter a period of "secular," or long-term, decline. The World Gold Council's latest report said that as gold exploration has been concentrated only in a handful of countries, the sector faces secular decline beyond the short-term, during which time current record levels of production can only be sustained for "the next few years."

DIVERSIFIED

* Swiss commodities trader Glencore PLC is nearing a US$1 billion deal to buy Chevron Corp.'s southern African assets, Bloomberg News reported, citing sources. The assets include a 100,000 barrel-a-day refinery in Cape Town and over 800 gas stations in South Africa and neighboring Botswana.

BASE METALS

* Weatherly International PLC's shares fell more than 10% at market close in London May 21 after the company announced several updates on its operations. The company said an increase in water inflows at its Tschudi copper mine in Namibia is expected to affect production at the site. Weatherly, added that it is unlikely to generate enough surplus cash to settle its loans and remains in talks with Orion Mine Finance to agree to a long-term restructuring of the company's secured debt facilities. Separately, the company said Zambia's conditional approval for its purchase of Intrepid Mines Ltd.'s Kitumba copper project lapsed May 18.

* Cobalt Blockchain Inc. expects to shortly receive final approval for a copper/cobalt trading and export license, which will enable the company to set up regional buying depots in the Democratic Republic of the Congo, process minerals in-country and export the commodities, Metal Bulletin reported.

* Jiangxi Copper Co. Ltd. plans to set up metal copper, zinc and lead concentrates blending and scrap processing operations in Southeast Asian countries, Metal Bulletin wrote.

* Bloomberg New Energy Finance analysts said in a report that cobalt shortages are likely to occur earlier than previously estimated on the back of rising demand for the metal, and that the issue poses a potential challenge to sales of electric vehicles over the coming five to seven years.

PRECIOUS METALS

* Patagonia Gold PLC made the final US$10 million payment for the purchase of the Calcatreu gold deposit in Argentina from Pan American Silver Corp.

* PJSC Polyus said its Natalka gold mill in Russia is operating at 80% of its design throughput capacity of 10 million tons per annum. Natalka has produced over 40,000 ounces since the beginning of the year and will deliver 450,000 gold ounces per year following the ramp-up.

* Goldplat Plc will close Plant 1 at its Kilimapesa gold mine in Kenya, after the successful installation and subsequent second-stage expansion of a new processing plant, Mining Weekly reported. The new plant is processing at a rate of around 5,000 tonnes per month.

* Australian Mines Ltd. increased its stake in the Marymia gold-copper project in Western Australia to 80% after completing the second-stage earn-in.

BULK COMMODITIES

* ArcelorMittal said steel production at the Kryvyi Rih mill in Ukraine is returning to normal levels after workers of its railway division ended a strike, Reuters reported. The labor action, which was related to salary demands, had paralyzed plant operations. The company did not specify the strike's potential impact on its financial performance or output.

* Israel Chemicals Ltd. priced the cash tender offer for US$800 million of its 4.500% senior notes due 2024. The company will pay US$1,008.22 per US$1,000 principal amount of the notes accepted for purchase. The offer is set to expire May 22.

* Ferroglobe PLC swung to an attributable net profit of US$36.7 million in the first quarter from a year-ago net loss of US$6.6 million. EBITDA totaled US$93.5 million, up from US$30.9 million while sales jumped to US$560.7 million from US$396 million in the prior-year period.

* The Mongolian government will seek proposals for public-private partnerships targeting about US$15.95 billion in investments, Reuters reported, citing a government official. The investment program will involve 113 projects, including transportation infrastructure near the Tavan Tolgoi coal mine.

* Tokyo Steel Manufacturing Co. Ltd. will maintain product prices for the fourth straight month in June to ensure the market absorbs earlier price increases, Reuters wrote.

* A PAO Severstal unit invested in Pangaea Ventures Ltd.-managed Pangaea Ventures Fund IV LP. The Russian company also established a new corporate division, Severstal Ventures, to develop venture projects on new production technologies and materials.

* The National Company Law Appellate Tribunal in India refused to grant an interim stay on Tata Steel Ltd.'s acquisition of Bhushan Steel Ltd, Mint reported. Bhushan Steel promoter Neeraj Singal filed an appeal against the National Company Law Tribunal's approval of Tata Steel's resolution plan for the debt-laden steelmaker. The NCLAT bench, however, issued notices to the resolution professional, committee of creditors and Tata Steel, asking them to file their responses on the matter.

* Brazilian securities regulator CVM opened an administrative investigation into David Moise Salama, Cia. Siderúrgica Nacional's investor relations director, after a minority shareholder in the company filed a complaint, Reuters reported, citing Brazilian newspaper Valor Economico. Shareholder Geração Futuro Lpar accused Salama of restricting access to the list of CSN shareholders and withholding the names of two board candidates from an official bulletin in 2017.

* BHP Billiton Group has been working to automate its shiploading functions at Port Hedland in Western Australia, the world's biggest bulk tonnage export terminal. The mining major has already shipped 1 million tonnes of iron ore under the autonomous system, and seeks to expand the project to cover each of its eight shiploaders next year, with a final decision expected soon, The West Australian reported.

* The U.S. Commerce Department imposed anti-dumping duties of 199.76% and countervailing duties of 256.44% on imports of cold-rolled steel from Vietnam that originated in China after determining that the product evaded U.S. anti-dumping and anti-subsidy orders, Reuters reported. Meanwhile, the department slapped anti-dumping duties of 199.43% and anti-subsidy duties of 39.05% on corrosion-resistant steel from Vietnam.

* Verdant Minerals Ltd. agreed to potentially sell up to 100,000 tonnes per annum of phosphate rock concentrate or other phosphate products from its Ammaroo project in Australia's Northern Territory to Ameropa Australia Pty. Ltd.

* An alleged "bog down" of a portion of the Molave pit within Semirara Mining & Power Corp.'s namesake coal mine in the Philippines killed one worker, The Inquirer wrote.

* Kibo Mining Plc awarded Sepco III, the company's Chinese development partner, the second and final lot of the engineering, procurement and construction contract for the power line that will move power from the Mbeya coal-to-power project's power plant in the Songwe district of Tanzania to the TANESCO Mbeya substation.

* Bowen Coking Coal Ltd. agreed to sell its Comet Ridge coal project in Queensland, Australia, to Springsure Creek Coal Pty. Ltd.

* China's National Development & Reform Commission will review the progress on the elimination of excessive steel capacity in 21 provinces and municipalities in the country, China Business News reported. The commission will dispatch eight inspection teams between May 22 and June 15.

SPECIALTY

* The U.S. Supreme Court took up a case regarding the right of states to ban uranium mining for public health reasons, in connection with a dispute over a moratorium Virginia put in place on the radioactive metal in 1982, Reuters reported.

* NioCorp Developments Ltd. awarded a major contract to Rockwell Automation to engineer, design and procure process automation and instrumentation for the company's proposed critical minerals, mining and processing facility at its Elk Creek project in Nebraska. The facility is expected to start producing superalloy metals niobium, scandium and titanium by 2021.

* Lucapa Diamond Co. Ltd. recovered a gem-quality 25 carat yellow diamond from the Mothae mine in Lesotho.

* Prospect Resources Ltd. expects to secure over US$55 million in funding for the first phase of its Arcadia project in Zimbabwe, aiming to start lithium concentrate production for export by June 30, 2019.

INDUSTRY NEWS

* The London Metal Exchange is considering the launch of Chinese yuan-denominated metal products as the currency's use in global finance continues to expand, the South China Morning Post wrote, citing LME CEO Matthew Chamberlain.

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